2021-06-30-accounts

BILL BROWN 1989 CHARITABLE TRUST ANNUAL REPOR T AND ACCOUNTS 30TH JUNE 2021 PA YNE HICKS BEACH Solicitors 10 New Square Lincoln'8 Inn London WC2A 3QG PAC02G.XLS12021

BILL BROWN 1989 CHARITABLE TRUST CONTENTS Re Administrative information about the charity. its directors and advisers 4-10 Directors, Yeport Independent audilor's report Aecounls Slal8ment of financial activrtles 18 Balance 5hoet 17 Slalemenl of cash flow Princlpal accounting policjes 22.26 Notes to the accounts endix 27 Grants payable

BILLBR VVN 1989 CHA ABLE TRUS Pa ADMINISTRATIVE INFORMATION ABOUT THE CHARITY ITS T .%TEE AND ADVISERS CORPORATE TRUSTEE Bill Brown Charity Trustees DIRECTORS OF THE CORPORATE TRUSTEE THE DIRECTORS Graham Stephen Brown Anthony John Barnett PRINCIP L ADDRESS BM Box 4567 London WC1 N 3XX VVEB ITE AODRESS www.billbrowncharity.org CHARITY REG1STRATION NUMBE 801756 AUDITOR 8uzzacott LLP 130 Wood Slreèl London EC2V 60L INVESTMEFIT MANAGER Inve81e¢ Wealth and Investment Limited 30 Gresham Street London EC2V 7QN BANKERS CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ PROPERTY MANAGEME Hall 8arn Eslales Limited The Estate Office Home Farm Hall Barn Beaconsfield Bucks HP9 2SG Bidwells LLP Bidwell House Tiumpington Road Cambridge CB2 9LD SOLICITORS AND ADMINISTRATORS Payne Hicks Beach 10 New Square Lincoln's Inn London WC2A 3QG

BILL BROWN 1989 CHARITABLE TRUST Pa DIRECTORS. REPORT- 30TH JUNE 2 21 The directors of the corrK)rate trustee (the directors) presents ils statutory report together with the accounts ol The Bill Brown 1989 Charitable Try51 lor the year ended 30th June 2021. The accounts have been prèpared in accordance with the accounting policies set out on pages 18 10 21 of the attached accounts and ¢(>mply with the Charity's trust deed, applicable laws, applicable United Kingdom Accoynling Standards (United Kingdom Generally Accounted Accountirig Piaclicel. and Accounting and Reporting by Ch8rilie5." Statement ol Recommended Practice $pplleable to ch81itiÈs preparing their accounts in accordance with the Financial Reportin9 Standard applicable In the United Kingdom and Republic ol Iieland IFRS 1021, second edition Iociober 20191. GOVERNANCE, STRUCTURE AND MANAGEMENT Governance The Bill Brovm 1989 Charitable Tfust is governed by a tru81 deed dated 2nd May 1989. The charity is registered under the Charrties Act 2011, Charity Registration No. 801756. rhe stalulory power ol appointment of new directors of the corporate tru•tee lies with the cont'nulng directors themselves. The names ol ihe trLJSteesldirpclors who Served during the year 8ie sel out as part ol the administrative inforwation on page 1 of this Annual Report and Ac¢ount5. 8riel biographical details are given bfjlow.. Graham Stephen Brown Mr. Brown ha5 been a tiustee since inception and ￿tired on the 11th December 2020. He was partner in Payne Hicks 8each from 1972 until 2009. and was senior partner from 1994 to 2008. and Was a consuttant with the fiirn until retiring OT131st May 2014. He is an Honorary Bencher of the Honourable Society ol Lincoln's Inn. Mr. Blown is not related to the late settlor. Anthony John Bameit Mr. Barnett was appointed a tr￿stee on 26th September 1997 and retire(J on the 11th December 2020. He Is a Chartered Accountsnl and has recentty retired as finance director of Independent Comrneraal 8foking Limited. Bill Brown Charlty Tru¥tee$ On 11th December 2020, Bill Brown Charity Trustees was appointed the sole trustee of the Trust. The directors of the ¢orporate trustee are Giaham Stephen Brown and Anlhory John Barnett. On agreeing to their 8PPtinlment, the directors are thoroughly briefed by their co-direclors on the hi810ry ol the trust, the day-lo-day management, tho re5ponsibililies ol the director5, the current objectives and future plans. DTrroCtors' re8pon8ibllltl¢$ statement The directois are responsible for preparing the directors, report and accoun18 in accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢cepted Accounting Practice). Charily18w in England arKI Wales requires the directors to prepare accounts lor each financial yezi which give a true and fair view ol the stale ol affairs of the eharity at the year end and of ils income and expenditure during Ihal year. In PlEparing awounts giving a Iiue and lair view, the directors are required lo.. Select suitable accounting policies and then apply thern cwslsteiitly,.

BILL 8ROWN 1989 CH RITABLE TRU Pa IRECTORS, REPORT- TH JUNE 2021 GOVERNANCE, STRUCTURE AND MANAGEMENT Icontlnuedl Dlrector8' responslbllltlos statement Icontinuèdl Observe the methods and principles in Aceounling and RerK)rting by Charities. Slalement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporbng Standard applrcable in the United Kingdom and Republic of Ireland IFRS 1021., Make judgements and estimate5 that are reasonable and prudent., State whether applicable United Kingdom Accounting Standards have been foll￿￿. subject to any material departures dijclosed and exp18ined In the accounts.. Prepare the accounts on tho golng con￿rn basi5 unless it is inappropriate to p.'esume that the charity will continue lo operate. The directors are responsits￿ for keepirrtJ proper a¢¢ounlirrfJ records whi¢h disclose wtth reasona￿e accuracy at ariy tiffle the financial p051tion of the charity and which enable them to ensure that the accounts corllply with the Charities Act 2011, applicable Charity (Accounts and Reportsl Regul8tions and the provisions ol Ihe Iwst deed. They are a150 responsible for safeguarding the assets ol the charity and hence lor taking reasonable steps lor the prevention and dettrelion of fraud and other irregularities. The directors are responsible for the Maintenan￿ and integrity ol the charity and finanaal information included on the cha",rty's website. Logislation iii the United Kingdom guverning the prepara110n and di58eminalion ol accounts may differ from I￿131allOn in olherjurisdi¢b"ons. strueture and man8gemÈnt reportlng The dlrectors are ultimately responsible lor the policies, actNilies and 8ssels ol the ¢arfty. They meet trwice a year to review the developments with regard lo the charily, its grant glving aclivitl95 and make any Important dec4sion8 When necessary. the direclcKs seek 8dvice and support from the ¢*arity's profession81 advisers includiro investment manager8. 501icitors and accountants. The ay lo day management ol the charity's activities, and the implementation of poliaes. is delegated to the Private Client Deparlrnenl of Payne Hicks Beath. The directors are continuing lo review and devebp the process ol Manag￿ng grant applic81ion5 and Payne Hicks Beach adminisleis payments and keeps the books and records of the charity. Al their meetings the directors ieview the investment performance, and the investment managers attend the meeting5 to update the directors in detail on the portfolio. The directors review the proposals lor grants lo be made and approve such grants as appropriate. Risk m¥nagèment In line with the requiitrmtrnt lor charity diredors to undertako a risk assessment exercise and report on the same in their annual report, the directors have looked 81 the risks the Bill Brown 1989 Ch8rit8ble Trust currently laees and have rtrwewed the me85uies In plaTr. or lleedina to be put In place, lo deal with them. In addition lo the risks 8550C4ated with COVIO-19 Isee below), the directors h8vg identified three main areas where risks may occur.. - Govemance 0pei8tion81 Financial

LL BROWN 1989 CHARITABLE TRUST DIRECTORS, REPORT- 30TH JUNE 2021 GOVERNANCE, STRUCTURE AND MANAGEMENT Icontlnuedl Rlsk management Icontlnuedl GLI￿rnanCe looks al the continuity ol trusteeship, tho skills and background of the ¢JirectOTS and the policies of regular meetings ol the directtsrs to review their aims and activities. Operatlonal looks at the risk inheronl in the deleoatK)n of slatulory and legal requirements ol the chaiity. Ils manaoement and secrelarlal functions and dele9alion ol certain of those fvnctions, and its grant giving 8clivilies. Financlal risks indude those inherent in delegation of management and custody of lis18d invpstments lo independent investment managers, the financial record keeping of the charity, its invesltnent policy, audit and review protsdures. Having asse85ed the major risks to which the charity is exposed, in particular those relating to its invesimenls and ils finances, th8 directors believe that by ensuring cx)nlrols exist over key financial systems inc(Kpof81ing the systems and controls implemented by Payne Hicks Beach, and by delegating the liste(I Investment management function to investment managers, subj.ect to regular monitoring. incluoling periodic reviews of perforrnanee against berchtnarks, they have established effeclivo systems to mitigate those risks. In reaching this conclusion. the direciors have considered the impact on the charity of the COVID-19 pandernic. The risk assessment is kept under regular review and 1$ fully reassessed every three years. The keys risks faced by the charity. 8$ identified by the directors, are described bekjw together with the principal ways in which they are miligaled. The charity's largest asset clas$ ¢omprises listed inveslmenls, the value ol ￿,hICh is dependent on movewenls In UK and wodd stock markets. The investments are managed by reputable investment managers who adher9 to a policy agreed by the directors. The directors meet twice a year with the investment managers and the manager's performance and that of the portfolio are monitored The investment strategy Is assessed regularly lo ensure it remains appropriate to the charity's needs- both now and in the future. Having completed a programrne of investment in cornrnercial prope.rties in Beaconsfield. Buckingh8m5hire. the charity now has properties infortnally valued at 30th June 2021 at £8,815.000 before sel off ol a loan Irorn CAF Bank secured against the properties. The dlieclors carry out regular reviews ol the properties In Conjunction with Iheii propgrty agents 8idwells LLP who remain engaged to carry out ￿gUlar slr81ggl¢ reviews. The charity carries out Its objectives by prowding grants to in8b"tulions that are also UK registered charitie5, whose objects comply with the charity's ￿lleria. There 15 8 risk that a grant provided by the charily may nor ieaeh the intended recipient andlor may be used lor purposes not consistent with the charity's obiecls. Whilst the directors are rnin(Jful ol ¢tteir own obligation lo ensure that the Charity benefits the public generally. they take some a55urance from the lacl that reapienls ol grants are themselves iegulated to ensure that they operate lor the public benefit.

BILL BRO 1989 CHARITABLE TRUST DIR RS, REPORT- 30TH JUNE 2021 ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES Activitlès and speclfic oblt¢tlves Thtr directors operate a grant giving policy. prowding funds for such charitable objects or institutions as the directors think fit. Institutions intending lo make 8n appeal are directed lo the websitè www.billbrowncharity.org where more detailed information concerning particular aieas ol support. application guidelines, exclusions and grants can be found. The director5 aim to rnake annual equivalent distributions ol approximately £475,000,excluding subslanlial bursary cornmilments. Ouring the year the directors made a substantial bursary commilrnenl lo Churcliill College of £750,000 to be paid by ill8talments over four years trom 202112022 to 202312024. After taking account of the bursaries and grants regularfy made, there are limiied lunds available lor distribution lo tsther charities in accordance with the guidelines sel out in the grant giving pollcy as summariged on the charity's website. ObSectlves and 8Ctlvltles for the publlc beneflt The directors lake their inspiration in identifying their areas of interest frL¥n the life of the Settlor, and his own thoughts and wishes, so far as they artr known. The directors confirm that they have referred lo the guidance contained in the Charity Commissitsn's guidance w public benefit when reviewing the Trust's aims and objectives and in planning future aclivilie$ and setting the grant making policy. The Tru$l carries out these objectives by providing gr8nts and commitments to institutions that are 3180 UK registered charities, whose oti.ecls comply with the Tiust's crileria. Whilst the directors are mindful of Ih&r own oblig8kn.on lo ensure that the Trust benefits the public gener811y, they take some 8S5uiance from tho f8Ct Ihat recipient5 01 grants are theMSe￿e8 regulated to ensure that they gperale lor the publi benefit. Potential recipients ol grants are identified by the directors individually In areas where it Is perceived that public benefit will be achieved. The opportunity to bpnefit is llol restricted in any way except that grants are restrlcted lo bodiès registered in the UK. Hol least to 18cilitate the director being able to follow up on the efficacy ol the giants made. In all other reopecls grants are not limited in any way ex￿pt that the recipients should have 8 charitable need. The director therefore consider that the Trust's actlvilies are for thè benefil of the public generally. Key marhagèment The directors ol kne corwrate trustee Consider that they alone comprise the key management personnel of the cliarity in Chaioe ol dilgcting and controlling, running and operating the Trust on 8 day lo day basis. All directors give ol their lime freety and no directors received any remuner81ion in the year. Details ol directors, expenses and remuner8tion And any relatod party transactions are disdosed in notes 3 and 4 to the accounts. As noted above, the day 01 day rnanagement of the charity's activities, and the implementation ol policies, is delegated to the Prwate Client Departtnenl ol Payre Hicks Be3ch. Llsted Investmont pollcy The charity h85 Poltlolios ol listed investments wilh an aggregate market value as al 30th June 2021 01 £9,880,627.

BILL BROWN 1989 CHARITABLE Pa DIRECTORS, REPORT- 30TH JUNE 2021 ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES Icontlnuedl Llsted Investmtrnt polley Icontlnuedl There are no rèstridions on the charity's pow&r to invest. Separate investment strategies are agreed between the directors and the Mo firms of investment managers and are ￿gularlY reviewed. These 8re the subject ol separate policy slaternents which have been ￿mpleted by the directors and lomi an integral part ol the agreements Wlth the inveslrnenl managers to provide investment management 88rvices. The investment managers ale invited lo attend each fomial meeling ol tre directors to provide a report on the perlormanTr of the portfolios, comparison against the benchmarks and gener81 rn8rkel Issues. ACHIEVEMENTS AND PERFORMANCE Comm*rclal property The di￿torS have four commercial properties and delails ol these are shuwn in attached accounts. Improvement works to the properties have been undertaken and the properties are let. At the period end the properties were valued at £6.815.000. The property Investment. including the impiovement work5, have baen funded by a108n ol which £1,654.629 remains rep8y8tI6 at 30th Jun 2021 and is secured on three ol the commeraal properties. Revlew of actlvltles Total income received in the period from the ch8ritVs inveslrnenl assets and ca8h (Japosits amounts 10 £495.431 which equates Ic a yield o12.6°/o Ibased on the market valuation ol tho assets at the year endl The (Jirectors awarded grants tolalling £975,0￿ during lh8 year, in accordsnce with the charity's grant gbving policy sel out above. A detailed list ol all giant5 made in the period is included in the Appendix on page 27. The directors rnaintain a list ol charitable organisalions which the charity iegularly supports and they are currentty undertaking a comprehensive review of their grant giving poliry as set out above. The directors feel that their objectives have been adequately met during Ihe pèriod. However, the directors are aware that there are exlernal factors. which could affect the achievement of their objedives as a significant part ol the charitls assets are fflade up ol inveslrnents and cash. the result ol which are dependent on the general performance of the UK and overseas stock markets. As noted above under risk management, in order lo minimise this, the directors have $el prudent inveslrnenl policies and place rellanee on the investment managers lo monitor ar￿ advise on the necessary investment changes and suitable assel allocation. The88 8cb.ons have been particularty relevant given the impact of COVID-19. Investment perfomiance The yield from the combined Income ol listed investment asset8 and cash deposlls was 2.6°k. and there was a capital increase 0115.2% Ib88ed w the valuation ol assets at the peiiod endl. At the end ol the peiiod the charity's portfolio ol investments comprised 0142% UK equities and unil trusts, UK fixed interest, 49% overseas equities and fixed interest. The aggregate ients ftsr the period from the letliro8 or the properties al London End was £2eo,542 Iwith rent arfears of £70.6911 which equates lo a gross yield of 2.95°k p 8. lexcludiry 8rrearsl. In view ol the current volatility in finanaal markets. the directors are satisfied with the performance ol the Iisled investments and they are content also with the ￿tUrn from the Investment properties. They are 58tislied that their Investment objedives will be met over the medium term.

BILL BROWN 1989 CHARI ABLE TRUST DIRECTORS, REPOR TH JUNE 2021 FINANCIAL REVIEW Results for the year A summary of the period's results can be found on page 15 01 Ihl$ report and accounts. Dknring the year ended 30th June 2021, total income amounted to £495,43112020- £625,2(61, being income arising from the ¢harrtVs investments including rental In￿me and cash deposils. The directors made grants and commitments l(> 19 institutions tolalling £974 1141£975.(XK) less a refund of £886, including a future commitment 01 £7SO,0001-12020- £3.669.5001, investment manager lees were £45,96512020- £45,(￿31, grant administration costs lotdlled £60, 169 12020- £60.4011. property expense5 amounted lo £171,022 lincluding CAF Loall Inleiest of £52,775> 12020- £211,210) and governance cos15 werE £11,78812020- £11,892). Tot81 expenditure was £1,263,05812020- £3,998,0661. There were net gains on listed invèstments and inveslment property during the ye4ir of £1,424,051 12020- loss￿ of £632,797). This resu118 in n81 iwrease Sn funds during the year of £656.42412020- net decrease in fund 01 £4,005,657). Rèserves polley and flnanclal posltlon R•setves pollcy The directors, policy is lo oper8le on the basig ol being able to continue to generkle sufficient income lo use towards meeting their charitable objects and to accord with their principal aims. The directors are ol the opinion that th& funds remains sufficient to enablè ihem to continue this ongoing objective. The charity has sufficient, but not excessive, fuThYs 10 8ervi¢e Ils objective ol rnaking futu charitable distributions Flnanclal posltlon The balance sheet shows total fvnds of £13,581,17012￿2O- £12.924,7461 The Ljnrestricled fund comprises afflounts which ultimaltsly are tree reserves but which are held by the directors lor investment SO as lo ensure the continued gpneratlon ol income in future periods. thereby helping lo safeguard the long term existen￿ ol the ¢harily and the achievernenl ol its objectives. The $izts ol the unresliicted fund sustains and support5 the levels of donalions which the directors wish to maintain and enharlce over lime. The director5 consider tree reseNes to be adequate but not excessive in the light of the charity's reserve policy sel out above. Future plans The directors do not Anticipate any significant changes lo the charity or bts acliwties over the next to five years. 11 Is their intention to meet the lollowng ot)je¢tfves.' To Increase their dired investment in commeraal property. To ensure the ￿￿0mla￿e ol both listed investments anfj property achievts$ thè criteria sel ty them so that there are sufficlent funds lo meet thelr grant giving policies.

81LL BROWN 1989 CHARITABLE TRU Pa DIRECTORS, REPORT- 30TH JUNE 2021 FINANCIAL REVIEW IContlnu•dl Future plans (Continued) To continue to make granls and commitments at a similar or higher level. In resptsnse to the COVID-19 outbreak. the charity is proactively reviewing grant making 8¢tlvities to ensuro continued support lo beneficiaries. The directors have reviewed the risks that COVID-19 pose5 to the charity and conduded that the charily is in a strong financial and operational position and can continue lo support beneficiaries now and lor the foreseeable future. Signed on behall ol the diredors of the corpcKalo trustee.. Director of the Corporate Trustee Appmved by the direelors ol the corporate trustee on.. . 2022

BILL BROWN ARITABLETRUST Pa e10 DIRECTORS, REPORT- 30TH JUNE 2021 FINANCIAL REVIEW Icontlnuedl Future plans Icontlnuedl To continue to m8k8 grant5 and commitments at a similar or h￿Jher levd. In response to the COVID-19 oulbrts8k, the charty is proactivdy reviewiTrJ grant making aclivthes to ensure continued wpport lo beneficiaries. The directors have reviewed the risks that covir%19 poses to the charity and conduded that the eharity is in a strong financi81 and 0￿ratiOnal posib.on and can continue lo support beneficiaries now and lor the fore8ee8ble future. Signed on btshalf of the directors ol the corporate trustee.. DireGtor the Corporate Trus Approved by the directors ol the corporate Iruslee orn"....... . 2022

BILL BROWN 1989 CHARITABLE TRUST

Page 11

INDEPENDENT AUDITOR'S REPORT - 30TH JUNE 2021

INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF THE CORPORATE TRUSTEE OF THE BILL BROWN 1989 CHARITABLE TRUST

OPINION

We have audited the accounts of Bill Brown 1989 Charitable Trust (the ‘charity’) for the year ended 30th June 2021 which comprise the statement of financial activities, the balance sheet, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

• give a true and fair view of the state of the charity’s affairs as at 30th June 2021 and of its income and expenditure for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the accounts, we have concluded that the directors of the corporate trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the

Our responsibilities and the responsibilities of the directors of the corporate trustee with respect to going concern are described in the relevant sections of this report.

BILL BROWN 1989 CHARITABLE TRUST Pa e12 INDEPENDENT AUDIT R'S REPORT- 30TH JUNE 2021 INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF IHE CORPOR4TE TRUSTEE OF THE BILL BROWN 1989 CHARITABLE TRUST OTHER INFORMATION The dir8clot5 of the Co￿0￿1 tiusleg are ￿SponsIble for the other inform31ion. The other information cornpri5es the inlDrm8tDn included in the Annual Report and Accounts. other Ilian the accounls and Dur 8uditor's report the￿Oll. Ovr opinion on the a¢coun15 does rnl cover the other infofrnalion and we do not express any lom of 88surance condv510n the￿On In connection with our audit of the accounts. our Fesponsibilili 1$ lo read the otsr inforrnalion and, in doing $0. cons￿erwhelher the olher infomialion 15 rnalenally Incons$lenl willi the accounts 01 our knowledge obtained in the audit or othemise appears lo be materially rni5slated. If we id¢ntify such in81erial incon51slen¢ie5 or apparent m8le¢ial misstatemenls. we are ￿qUI￿d lo determine whether there Is a material misslalemenl in the accoun15 or a material misslalemenl of the other inforfflalion. If. based on the worfÉ w8 have performed, we conclude Ihal Ihere a m8teri81 misslalernent ol this o.her informal￿n, we are ￿qUired to report that fact. W8 h8V8 nothing to rew in thi5 ro9ard. mA￿ER$ ON WHICH WE ARE REQUIREDTO REPORT BY EXCEPTION We have nothing to report in 188pecl of th8 following Tnatters In relation to which th¥ Charities Act 2011 requires us io report lo you if. in our opin￿n.. th9 informatitsn given in the directors, rewrt K8 incon5islenl in any material r&specl with the accounts,, or sufficient aC￿unti￿j records heve not been kept". or the 8tt0unls are not in agreement wth the 8¢eounling reeoids 8nd rolugns.. or we have not ￿￿￿ed 811 the infcrfmatron and exptsnalions ￿ requir8 for our 8udil. RESPONSIBILITIES OF DIRECTORS A% explaird more fully in the d4￿CtOrs, responsibilities s18lemenl. the directors ol Ihe ¢orporal8 Iwst8e are responsible for the preparation of the accounts and fof being sab-sfied that they give a true and fair view. and for such internal control as the dirÈctors of t￿ trustee determine is ne￿$sary lo enable the preparalK)n of OCGounls that a￿ fre8 from mat81ial rnisstatemenl. whelher due to iraud OT error. In preparing the 8ccour,15, ￿1￿Clor$ of the trustee are r&sponsible lor assessing the charitys ability to conlinuÈ as 8 gang concern. disdosing, as applicable, matters related lo going concem and using the going conc8rn basis of accounting unless U)e directors of the trustee either Intend lo liquidate the charity Or to Lease operations. or have no realY&lic alternalwe bui lo do so. AUDITOR'S RESPONSIBIUTIES FOR THE AUDIT OF THE ACCOUNTS Our obiectsves are lo obtain reasonable assurance about whethfrr the accounts as a Who￿ are free frLxn material mis81al8m&nt, whether due lo fraud or error, and to Issue an auditor'$ report that includes our opinnn. Reasonable assuran￿ is 8 h￿Jh level of assurance. bul 6 not a gvaranleo that an avdil ccsnductscs in accordance with ISAS IUKI will 81ways thlect a Dialerial misslalemenl when il exi515 Mi$$lalements can arise from fraud or error and are considered m81erial If. Indiv￿u81lY or in the aggregate, they could reasonably be exp8cled to Infiven￿ the 8conomK doc1510r￿ ol u5er$ taken on tha bas5 of these a¢eounls.

BILL BROWN 1989 CHARITABLE TRUST Pa e13 INDEPENDENT AUDITOR'S REPORT- 30TH JUNE 2021 INDEPENDENT ALIOITOR'S REPORT TO THE DIRECTORS OF IHE CORPOPATE TRUSTEE OF THE BILL BROWN 1989 CHARITABLE TRUST AUDITOR'S RESPONSI8IUTIES FOR THE AUDIT OF THE ACCOUNTS IContFnuedl Irregularities. Sncluding fraud, ale instances of non-compliance wlh18ws and regulations We design pro¢￿UreS in line wlh oui fft5KK>nsibililies, outlined above, lo delect material misslatem8nls in respecl of irwulariti&s. including fiaud. The extent lo which our pro¢￿Vre8 are capable of dete¢￿'ng irregUla￿lieS, Incl￿￿￿rrfj fraud L¥ delaikd below. Our approach to identifying and assessing the risks Of materi81 mi581at8ment In respect of irregularitr"es. in¢luding fraud and non-compliance with laws and regulations. was as follows We ensured that th& engagement team collectively had Ihe appropriate competence. ￿pabilits and skills to id8nlify or recognise non-compliance wth gpplicable laws and rerJulalion$'. We obiained an underslanding of the ￿991 and r89ulalory fi8mework$ that are applicable to the charity and delefmined Ihal the rn051 $1gnilicant frarneworks whi¢h are directly ￿levant to specifiG a55ertions in the finan￿81 stsiemenls are those Ihal ￿late to the r&[￿rtIng fram&work Islalemenl of Recommended PracliGe". Accounting 8nd RepDrting by Charities prepariro their accounts in accordan￿ with +he Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the ChaiilE5 A¢1 20111 and th059 that ielate lo data protection IGeneral Qala Proled￿n Regulalionl. We Klenlrfied law8 8nd regulations were communicated within the 8udil team regularly ar￿ the team rtsmal￿d alert lo instances of nOrPr￿p118nce Ihroughoul Ihe audit. We as5e5sed the Susceptibility of the charity'8 financial stsleffents to material misslalemenl including obtaining an understanding ol how fraud rnighl occur. by". Making enquiries DI the charills admlniqlrator8 as to their kn￿￿edge of sctual, $uspect8d and alleged fraud.. and cor￿1￿￿ring witernal controls in place to milwate r15ks of fraud and non-ccmpliance wlh law5 an regulations. TD addre58 the risk ol Iiaud through m8nagemgnt bias and overfide of C￿trOl5. we." PerfOr￿d analytlcal rxoc8dure5 10 idonllly any unusual or umxpected relationships.. A8se$sed whetherludgement8 and assurnplions mad8 in delemiining the accounlin9 eslimateswere indic8tivo of potential bias., Tested aulhorEation controls on expenditUTe items, en5urlng dll exp&nditurè was approved in line with the charity's financial proc8dures," and Perforrfftd subslanlNe le$ling on grant xpenditure to ensure the expendiluie In¢L'rred ccfflpl￿d with the funding agreements In response lo the risk of irregularities and non-eoryliance with law5 and regulat￿ns, we designed prccedu￿s whrh included. bul were not limited to. Agreeing financval statement di8c105ures lo underlying supporting documenlalion., Readi￿ the minutes of meetings of those charged wlh governan¢e.' and Enquiiing of the ¢haiity's admini51ralors 8$ to actual and potenti81 litwation and clairns.

BILL BROWN 1989 CHARITABLE TRUST e14 INDEPENDENT AUDITOR'S REPOR T- 30TH JUNE 2021 INDEPENDEPIT AUDITOR'S REPORT TO THE DIRECTORS OF THE CORPORATE TRUSTEE OF THE BILL BROWN 1989 CHARITABLE TRUST AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUIqTS IContinu8dl There are Inherenl limitation5 ln our audil procedu￿$ desu1b￿ above The more removed that Lqws and regulations are from finan¢i81 Iransaclion5. the less likely il 15 that w8 WOU￿ become awtre of non- complianc&. Auditing standards also limit the audit procedures required lo identify non-complkqnce wlh laws and regulations lo enqviry of the dire¢lors of the trustee and adminisliaiors and tho inspaclK)n of regulatory and legal ¢orr8spondence. rf any. Material mi8$181ements that arise due to fraud can be harder lo delecl than those that arise from erroras ey may involve deliberate conc8lmenl or comusion. A further des¢riptson of OUT resp)nsbililie8 for thtr audlt of the accounts is bcat•d on the Financial Reportirg Council's %4pb511e atw•M.frc.org.ukl&uéitorsresponsibllilies. This description foThs part ol our budilor's report. USEOFOUR REPORT This report Is m8de $018ly lo the charity's directors, as a b￿y. in aceordancewlh seclior7 145 of the Charities A¢t 2011 8nd wilh regulalions made under section 154 01 thai Act. Our audit work h8s been undertaken so that wa might slate lo the charity s drectOTS Ih05e matters w& are reQui￿d 10 81ale to them in an audilorfs ￿P￿rt and for no other purpose. To the ful￿$1 8Xtenl p&imiiied by law, we do not 8ccepl or as8ume reswnsibihry lo anyone other than the charity and the chaiily s direc￿18 as a body. for our audit work, for thi5 report. or for the epinions we have formed. •t•tH Dat8.' 27 April 2022 Buzzo¢OtI LLP sialulory ALKlitar 130 Wood Street London EC2V 6DL Buz28ccit LLP 15 el￿￿18 lo act 85 an audrtor in terms of section 1212 01 th8 Companiès

BILL BROWN 1989 CHARITABLE TRUST Pa e15 STATEMENT OF FINANCIAL ACTIVITIES R THE YEAR ENDED 30TH NE 2021 2020 INCOME FROM.. Invèslments Rental income Service charges Incorne from listed investments Interest re￿1vable 359,853 29,107 235,218 1,028 260,542 26,152 208,721 1S 625.206 TOTAL INCOME 495.431 EXPENDITURE ON R3ising funds Inve.%lmenl management ¢osls Property expenses Charitable activities Promoting and enhancillg charitable work 45,(m 211,210 45,￿5 171,022 3,741,793 1,046,071 3,998.066 TOTAL EXPENDITURE 1.263,058 13,372.8601 NET EXPENDITURE BEFORE INVESTMENT GAINS 1767,6271 Investment gains.. Realised gainslllossesl on listed investments Unrealised gainslllosses} on listed investments Unrealised gainslllossesl on investment property 173,0451 1138.828} 1420,924) 100,237 1,205,214 118,6C NET INCOMEIIEXPENDITURE} MOVEMENT IN FUNDS {4,005,657) 656,424 RECONCILIATION OF FUNDS Totsl fur￿8 brought forward al 1st July 202J 16,930,403 12,924.746 12,924,746 Tot81 funds carried forward al 30th June 2021 13.581,170 All recognised gains and 1055es ère included in the above statement of linanclal 8Ctivilies. All of the ch8ri1l8 actlvities derlved from continuing operalion6 during the above fin8n¢S81 year.

BILL BROWN 1989 CHARITABLE TRUST Pa 616 BALANCE SHEET- 30TH JUNE 2021 2020 2020 Notes 2021 2021 FIXED ASSETS Investments 9,304.583 Listed Investments 9,880,627 8.815.000 8,690,000 Freehold Investment Properties 17.994,583 18,695,627 CURRENT ASSETS 124,313 779,111 Oeblors Cash at bank and in hand 82,750 918,362 903.424 Total current assets 1,001,112 LIABILITIES.. Creditors." Amounts falling due within one year {834,3211 1860.9401 69.103 NET CURRENT ASSETS 140,172 18,063,686 TOTAL ASSETS LESS CURRENT LIABILITIES 18.835.799 Creditors.. Amounts falling duè after one year 15.138.940) 15,254,629) 12.924,746 NET ASSETS 13.581,170 THE FUNDS OF THE CHARITY Unrestricted Income Funds 12.924,748 General Funds 13,581,170 Approved by the directors of the corporate trustee and signed on their behalf by.. Directors of the Corporate Trustee Dale of Approval.. s fieri 2022

BILL BROWN 1989 CHARITABLE TRUST Pa e16 BALANCE SHEET- 30TH JUNE 2021 2020 2020 Notes 2021 2021 FIXED ASSETS Investments 9,304,583 Lisled Investments 9,880,627 8,690.000 Freehold Inve51menl Properttgs 8,815.000 17,994,583 18,695,627 CURRENT ASSETS 124.313 779.111 Oebtors Cash at bank and in hand 82,750 918,362 903,424 Total Current assets 1,001.112 LIABILITIES. Creditors.. Amounts falling due within on& year 1834,3211 1860.9401 69,103 NET CURRENT ASSETS 140.172 18,063,686 TOTAL ASSETS LESS CURRENT LIABILITIES 18,835,799 Creditors.. Amounts falling due after one year {5,138,9401 15,254,629) 12.924,746 NET ASSETS 13,581.170 THE FUNDS OF THE CHARIT Unrestricted Income Funds 12,924,746 Gènèral Fund$ 13,581,170 Approved by irectors of the corporate Iruslee and signed on Ihgir behalf by.. Directors of e Corpor e Trustee Dale ol Approval.. ..&..fiPri.L................ .......... 2022

BILL BROWN 1989 CHARITABLE TRU Pa e17 STATEMENT OF CASH FLOVVS FOR THE YEAR ENDED 30TH NE 2021 2020 2021 CASH FLOWS FOR OPERATING ACTIVITIES {4,005,6571 632,797 11,0281 1624.1781 15.706 3,412.101 Nèl incomeldeficit lor the year Nel gainflo¥s on investments Interest receivablè Investment incorne receivable Decreasellincreasel in debtors 1ncroase/lde¢reasel in creditors 656,424 11,424.0511 1161 {495.4151 41,583 142,308 {570,259} NET CASH USED IN OPERATING ACTIVITIES 11,079,t87} 2020 2021 CASH FLOWS FROM INVESTING ACTIVITIES 12,101,436) 125,9241 2,118.342 1.028 624.178 Payments lo acquire Investments Purchases of fixed asse18 Receipts from disposals of investments Iiitere81 receivable Investment income re¢gived 11.194.730) 16.400> 1,924,137 18 495.41 S 616,188 NET CASH PROVIDED BY INVESTING ACTIVITIES 1,218,438 CHANGES IN CASH AND CASH EQUIVALENTS ￿N THE REPOR TING PERIOD 733,182 45,929 779,111 Balance al beginning of the period Movement in cash in the year Balance al end ol the period 779.111 139.251 918.362 ANALYSIS OF CHANGES IN NET DEBT Al 161 Jul 2020 Movement Al 30th June 2021 Cash at bank and in hand Debt due within one year Debt due after one year 779.111 169,5711 11.720,1821 139.251 2.002 65.553 918,362 167,5691 11,654,629) Net debt 11,010,642) 206,806 1803.8361

BILL BROWN 1989 CHARITABLET UST Pa e16 PRINCIPA IES_ 30TH JLINE 2021 The principal accounting policies adopted, judgerllenls 8nd key sour￿$ ol estimation uncertainly in the preparation of the accounts are laid out below. 8•#is of pf•paratlon These accoun15 have been prepared lor the ye8¥ ended 30th June 2021 with comparative Information presented In respect lo the year to 30th June 2020. The accounts have been prepared under thè historical cost convention with items recognised 81 cost or transaclion value unless otherwise stated in the relevant accounting wlieies below or the notE5 01 these account5. The accounts have been prepared in accordance with Accouiiling and Reporting by Charities.. Slalernent ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financi81 Reporting Standard 8pplicable in Ihe United Klngdom and Republic of Ireland (Charities SORP FRS 1021 second edition {October 20191, Ihfy Fin8n¢ial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The charity constiiutes a public benefit entily as defined by FRS 102. The accounts are presented in sterling and are rounded lo the nearest wund. Crftlcal accountlng esllmates and areas of Sudgement The lull impact following the recent emergence of the global coronaviru.8 pandAThbl¢ Is still unknown. 11 is therefore not currently possible to evaluate all the potentl81 implitralions for the cli8rity's a¢tivilies, benelieiaries and the wider economy. Estimale6 used in ltrie accounts are subject lo a greater degree of uncertainty and volatility. As set out in these accounting policies under'going concern the directors have considered the impact ol the pandemic on the charity and have concluded that although there may be some negative consequences. rt 1$ 8ppropriate foi thè chaf(ly lo continue to prepare its aeeounls on the going concern basis. Preparation of the accoun15 requires Ihe directors lo make significant judgements and estimates. The itèms in the accounts where these judgements and estimates have been made indude.. estimating Ihp liability lor mulli-year grant commitments. eslim8llng thè v81uation of the investment property. estimating lulure income and expenditure flow lor tho purpose of assessing going concern (see below). In addition lo the above. the lull Impact following the iecent emergence of the global coronavirus pai)demie is still unknown. It Is therefore not currently possible to ev81uale all the potential implications for the charily's activities, beneficiaries and the wider economy. Estimates used in the linan¢ial slalemenls, particularly with respect lo inves'.rnenl property valuations Isee ntsle 71 are subject lo a giealer degrees of uncertainty and volatilily. Assèssmènt of golny concern The directors have assessed whether the use tsf the going ￿nCern assumption is appropriate i prtsparlng Iheso a(tovnts. The directors have made this assessrnenl in resp8¢t of a period of one year from the date of approval ol these accounts.

BILL BROWN 1989 CHARITABLE TRUST Pa e19 PRINCIPAL ACCOUNTING POLICIES - 30TH JUNE 2021 ABse88ment of golng concern Icontlnuedl The. directors have concluded that there are no material uncerlainlies related to events or conditions thai may casl significanl doubt on the ability ol the charity to continue as 8 going coneem. The d1￿ClorS are of the opinion that the chaiily will have sufficient resources lo meet its liabilities as they fall due and therefore despite the global uncertainty in relation to COVID-19, there are no concerns regarding the charity's ability to continue as a going concern. The most significant areas of jLidgement thal affect items in the account are detailed above. With regard to the next accounting period, the year ending 30th June 2022. the most significant areas that affect Ihtr carrying value ol the assets held by the charity are the level of investment Fetum and the performance of the investment markets Isee the inv88lrneril policy and the risk management seclions of the directors, report lor more inlormalionl. Income recognStlon Income is recognlsed in the period in which the charily has enlillement to the income. Ihe 8mounl of Income can be measured reliabty and it is probable that the income will be received. Income comprises property rental Income and services ch8rges. Investment income from listed investments and Inte￿St from deposits. Ronlal income and service charges from investment propertles are recognised when they become due under the relevant tenancy agreement. Dividends are recognised once the divldetyl has been declared and nolfficalion has been recewed ol the dividend duè. Interest on funds held on deposit is included when re¢eiv8ty10 8nd the amount can be measured reliably by Ihe charity., this is norwally upon notification L¥f the interest paid or payable by the bank. Expendlture recognltlon Liabilities are recognised 85 expenditu￿ as soon as there is a legal or constructive obligation committlng the ch8ri1y lo make a payment to a third party, it is probable th&t a IrAnsfer of ec(>nomic benefits will be required in seltlernenl and the amount ol the obligalions be tlleasured ieliably. All expenditure is accounted for on an accruals basts. EKpenditure comprises direct costs and SUPPOrt costs. All expenses, including support costs, are allo¢aled 01 8PPOrtioned lo the applicable expenditure head¥ngs. The classification between the activities is as follows.. lal Expendilure on raising funds includes all expendilLtre associated with ralsing lund$ for the charily. This includes the fee5 Paid lo the investment manager in connection with the management ol the charity's lisled investments and the costs in respect to the charity's inveslmenl properties. Ib} Expenditur8 on charitable 8clivilies includes all costs associated with furthering the ¢haritsble purposes ol the charity Ihrough the provision ol it5 ch3rilsble activities. Su¢h costs include charitable grants payable in promoling and enhancing charitable work carried out by other charitable organisalions, aid related support costs including the cost ol administering the activities ol the charity and 9overnan£e costs. Grants payable are included in the statement ol financial activities when approved and when the intended recipient has either received the funds or been inloimed ol the decision lo makè the donation and has satisfied 811 Telated conditions. Grants approved bul not paid al the end of the financial period are accrued for. Grants Whe￿ the beneficiary has not been informed or has to meet certain conditions before thè grant is released arg not aCCr￿ed lor but are noted as financlal ¢ommilmenls in the notes lo the accounts.

BILL BROWN 198 ARITABLE TRUST RINCIPAL ACCOUNTING POLICIES- 30TH JUNE 2021 Expendlture recognltlon Icontlnuadl All expenditure is stated inclusive of irrecoveTabl8 VAT. Allocation of support and governance costs Support costs represent indirect ¢harilable expenditu￿. In order lo carry ￿J1 the prfmary purposes ol the charity il is llecessary to provide support in Ihe form ol administration Servi￿9. Govemance co¥ls comprise the costs invofving the public accountability ol the charity lincluding audit costs) and costs in respect ol ils compliance with regulation and good practice. Support costs and g0Veman￿ costs are apportioned directly to the one charitable activity. Fixed asset Investments Fixed a$8ol investrllep.ls (both listed investmenls and property) are included on the balance sheet at their market value at the end ol the financial period. Realised and unrealised gains lor105ses) are Credited lor debrtedl, to the statement of financial activities In the year in which they arise. Listed investments are a form of basic finand81 inslfumenl and are inilially recognised al their transaction value and subseqyenlly measured al their lair value as at the balance sheet date using the closlng quoted Market price. The charity does not acquire put options, derivalives or other complex financial inslrumenls. As noted above the rrain form of finanaal risk laced by the charity is that a volatilily in equity maikels and investment markets due to wider economic conditions. the altitude of investors lo investment risk, and change8 in senlirnenl conLerning equities and within particular sectors or sub sectors. Investment properties are initlally recognlsed at cost. Thts ¢051 of a puicha5ed investment property comprises its purchase pricè and any directly altribulable expendilure such as legal and brokerage fees, property tr8nsfer18xes and other transaction costs. Investment propertie¥ have subsequently been measured at fair value li.e. opeft maikel v8luel al the reporting dale. As a cenSeqUen￿ ol the coronavirus pandemic. less weight can be 3lta¢hed to previous market evidence to inform opinions ol value 8nd The Royal Instiliite ol Chartered Surveyors IRICSI has anrTrounced that valuation8 using the RICS Red Book guidance are now reported on the b&sis ol 'material valuation uncertainty, as per VPS 3 and VPGA 10 of the RICS Red Book Glob81. Consequently, less certainty eèn be attached lo these valuations than would normally be the case. This applies lo all property V81ualion5 In the UK. Realised gains lor b5sesl on Investment assets are calculated as the difference belween disposal proceeds and their openin9 Carry￿n9 value or their purchase value 15 acquired subsequent lo the first day of the financial peiiod. Unrealised gains and losses are calculated as the difference between the laii value at the period end and their carrying value at that dale. Realised and unrealised it)vestmenl gains lor1tss5¢xI ale ciediled {or debited) in the sl8temenl of financial activities in the period in which they arise. Loans Bank loans are 8 ba$1¢ fin8n¢ial instruments 3nd are recognised al their transaction value, which is fioirn811y the principal amount advanced plus transaction cosls. Subsequenl to initial recognition, loans are stated at aimortised Cost with 3ny diNerellce between cost and redemption v8lue being cognised the Statement of lin8ncial 8clivilies using the effective interest method.

BILL BROWN 1989 ARITABLE TRUST Pa e21 NTIN POLICIE8- 30TH JUNE 202 Deblors Debtors are recognised al their selllement amount, less any prtsvision for non-recoverabilily. Prepayments are valued al the amount prepaid. They have beerTr discounted lo the present value of thè lulurè cash ieceipl wherè such discounting is material. Cash in bank and In hand Cash 81 bank and in hand represents such accounts and instruments that arp available on demand or have a maturity ol less than three month8 from the dale ol acquisition. Creditors and provisions Creditors and provisions are recognised when there is an oblig8Uon al the balance sheet dale as a result of a past e￿ent, il is probable that a transfer of economic benefit will be required in settlement. the amovnl of the sellloment can be e8timaled reliably. Creditors and provisions are recognised at the amounl the charity anticipates il will pay lo solue the debl. They have been discounted lo the present value ol thtr future cash P¢iymenl where such discounling is nialeri81. Fund accountlng The unrèstricted fund ￿preSentS funds available for the general charitable purposes of the charity which may be applied at the discretion of the director5.

BILL BROWN 1989 CHA ITABLE TRUST Pa NOTES TO THE ACCOUNTS- 30TH JUNE 2021 1 INVESTMENT INCOME In¢ome from listed inveslmenls arise8 from t1￿ Idlowing investments.. 2020 2021 Direct inveslmenls.. le￿.825 UK Equilies and Unit Trusts 19.755 Fixed Interest 3,055 REITS 37,258 Overseas Eouilies 8,325 Overs88s Inteie5t 142,980 11,700 1,974 38,345 13,722 235,218 208,721 2 PROMOTING AND ENHANCING CHARITABLE WORK 2020 2021 3.669.500 Gr8nt8 payabl8 to institutions Less Bri*td Grammar School exeess d￿atIon 201912020 975,0(K) 1888} 974,114 60,169 11,788 ),401 Grant administration costs 11,892 GovernatKe costs Inote 31 3.741,793 1,048,071 A reu)n¢ilialicn of the grants payable arKI grant commitments figvros ￿lOWn In these accomls is 88 l¢ll<Ms'. 2020 2021 494.280 Grant commitments al 1st July 2￿0 3,669,500 Grants agreed during tho year Less Bristd Grammaf Schod ex¢&8S dcnation 201912020 3,979,520 975.000 18861 974,114 4,163,780 Grants payable 1184.2601 Grants paid during the year 4,953.634 1788.8741 3,979.520 Gr8nl commilments at 30th June 2021 4,1fj4,760 In addition lo the amoiints o)mmilled and aca'ued arKI wled above. the directors from lime lo lime also authorise certaiii grants whith are subject to the reclpierrt fuifilliru cetT81rt condilion& The total amount authorised bul not accrued lor in these acci)uiits at 30th June 2021 was £nil P020- £nill.

BILL BROWN 198 HARITABLE TRUST NOTES TO THE ACCOUNTS- 30TH JUNE 2 21 3 GOVERNANCE COSTS 2020 2021 4,488 Slalulory 8udit fee 1,700 Di￿torS, expenses 5,704 Appo'ntmenl of corporate trustee 5.330 1.700 4,758 11,892 11,788 4 STAFF COSTS, DIRECTORS. REMUNERATION AND RELATED PARTY TRANSACTIONS The chty employed no staff during the ear12020- none). No directors recfAved any femun8r8lion in respecl of their se￿￿$ during Ihe iesr12020. £nill. Two direct015 were relmbursed £850 e8th for expenditure In￿rred in the perfornance ol their duties during Ihè year12020- two diTeetors were reimbursed £850 eachl. The key management personnel of the ¢harily in charge of dir8ding aThS conlrolling th• charity comprise Ihe diredors. The lotsl remunv8tion linc1￿l￿g lax8blè benefits and employer's pension contributions) of the key management personnel for the yearwas £nil P020- £nill. Theie We￿ Ho other related party Iran5adions duang the period ofthe report {2020- none). 5 TAXATION The Bill 8wn 1￿9 Charitable Trust is 8 registered charily and. Iherefore, 18 riot liaile lo ino)me tax or corporation tax on in¢x>me or gains derived fiorn its charitable actimties as they *• f811 within the exerrplions availatle to registered charities. 6 LISTED INVESTMENTS Mover(￿nIS in listed irweslmenls durfng the yearwere as follows.. 9,533,362 Market value 811s1 July 2020 2,101,436 Addibons al cost Disposals at b(K)k value 12,191,38n (proceeds.. £1,924,137.'gains £1(X),237) {138,8281 Net unrealised gainsllloss&81 in ye 9,304,583 1,194,730 11.823,9001 1,205,214 9,304.583 Market valw al 30th June 2021 9,880,627 6,802,037 Cost of Ilsted investrnenls 30th JLtne 2021 6,590,488

LLBR WN 1989 CHARITABLE TRUST P8 e24 NOTES TO THE ACCOUNTS- 30TH JUNE 2021 6 LISTED INVESTMENTS Icontinuedl All inveslrnents were dealt in w a rec(NJnl5￿ stock exchange.. 2020 2021 Listed investments held al 30th June 2021 comprise the followng investrnenls all listed on 8 UK stock excharKJe'. UK Equities 8nd Unit Trusis UK Fixed Inte￿st 3.966,297 947,763 4,091,414 930,136 4,914,060 5.021,550 Ovorseas Equities Fixed Inl¢re$l 3,758.109 632,414 4.522,879 336.198 9.304,583 9,88Q,627 At 30th June 2021 the following Individual holdings had a market value in extEss of 5Vts of the entire porllollo". °hof Portfolio Value 8aTrllie Gifford Arner1¢￿ WJ 6.67 660,0 ishares S&P 5CK) Index Fund 6.30 622,346 7 FREEHOLO INVESTMENT PROPERTY 2020 202 9.085,000 Market value brrxjgm lo￿ard 25,924 Addition8 1420,9241 Revalualion 8,690,OCX) 8,4(X) 118,6 8,690,000 8.815,OCX) Th& freeh(Ad properties were revalLEd as al 31Xh June 2021 on an open market V81ue. The valuatons were carried out by directors with professi￿al as8isl8n¢e. The rn£rket value5 of the properties a8 al 301h June aTe'. 1.610,000 S LoNJon End. Beaconsfield, Bucks 4,015,000 35137139 London End, Beaconsfield, Bucks 3,065,000 51153 Lon(kn￿ End. 8eacnnslield, Bucks 1,610,0(X) 4,015.0 3,1SO,O 8,690,000 8,815,0(MJ

BILL BROWN 1989 CHARITABLE TRUST Pa e25 NOTES TO THE ACCOUNTS- 30TH JIJNE2021 7 FREEHOLD INVESTMENT PROPERTY Icontlnuedl 2020 2021 The historic cost of the propertie8 are.. 1.358,150 5 London End, Beao)nsfield. Bucks HP9 2HW 570,408 35 London End, Beaconslield, Buths HP9 2HW 3,112,554 37139 London End, Beaconsfield, Bud<s HP9 2HW 3,146,314 51153 London End, Beaconsfield, Bud(s HPg 2HW 1.3sg,150 570,408 3.112,554 3.152,714 8.187,426 8.193,826 8 DE8TORS 2020 2021 184 Inci)me Tax rewverable 8,354 VAT recoverable 107,875 Renl arrears 7,732 AccrLEd inlerevl on investments 168 Other debtors 184 4,294 70,691 7,581 124,313 82.750 9 CASH AT BANK AND111 HAND 2020 2021 558,105 Inveslec Weallh and Inve5tm6nt 170,279 CAF 8ank Ltd. 7,055 PaytE Hid(s Beach 16,003 Philip Marsh Collins Deung 27,669 Ha]1 Bam Estates Ltd. 462,347 48.485 250,0 130.703 26.827 779,111 918,362

BILL BROWN 1989 CHARITABLE IRUST Pa e26 NOTES TO THE AC.COUNTS- 30TH JUNE2 21 10 CREDITORS.. AMOUNTS FALUNG DUE WITHIN ONE YEAR 2020 2021 65,583 Loan (note 111 3,458 CAF L08n repayment and interesl accnjgt 61,036 Defeiied in¢x)me 33,353 Grant administration ¢x)s15 Statutory audit fee 3,5S0 2018 4,356 2019 4.488 2020 2021 67,569 3,458 47,264 33,144 4.488 4,6?.0 9,108 11,683 70,059 11.222 Inveslinenl managetrEnl fees Tenancy deposits Gfanls Bristol Grarnmar School University of Bristd - Bill BTDwn Desiw Suite University of Bristd - Prernier Lecture The8lies Churchill coll￿e- Blll Bflmll Creatlvo Workshop 29,182 VAT payable 53.333 Other credltors 14,780 300,000 250,000 14,760 150,000 250,000 150,000 5.562 48,333 834,321 860,040 11 CREDITORS.. AMOUNTS FALUNG DUE AFTER ONE YEAR 2020 2021 Loan e9,571 Wilhin 1- 2 years 221,676 Wilhin 2- 5 years 1,432,933 After 5 year8 71,877 234,931 1,348,021 1.724.180 1,654,fj29 Grants Bristol Grammar scr￿01 University of Bristol- Bill Bll)wn Desiw Suite University of Bristol - Premier Lecture Theatres Churchill ColleJe- Bill BroNn Creative Workshop 14.760 150,000 3.250,000 3,OQ).000 6Q).000 5,138,940 5,254,629 The directOf5 look out a 25 yo¥ term repay￿￿nI loan with CAF of£2,1LKI,O￿ on the 31st M8rd) 2015. secured on 5, 35 and 37139 London End, 8eaconsfield, Bucks HP9 2HW. The moi)Ihly iepayments are £10,028.34 with a lolal lease term of 25 ytsats. The current interest ral is 3.00Q￿.

BILL BROWN 1989 CHARITABLE T Pa e27 APPENDIX. GRANT GRANTS PAYABLE: un InstitutionB Alzheimer's Society Barnardo's BRACE Charities Aid Foundation Trust Churchlll College- Creab've Workshops 7.500 3.750 10,000 75,000 October 2021 January 2022 April 2022 July 2022 October 2022 January 2023 April 2023 July 2023 50.000 50.000 50,000 150,000 150,000 100,000 100.000 100,000 750,000 7.500 7,500 7,500 5.000 5.000 7,500 15,000 10,000 7,500 7,500 7,SC¢O 3,750 7,500 30,000 Contact the Elderly Crohn's and Colitis UK DEBRA Dementia Sijpport Fight Against Blindness Leonard Cheshire Disability Macmillan C8n¢er Support Macular Disease Society Marie Curie Cancer Care Multiple Sclerosis Socbety RAF Benevolent Fund Richmond Borough MIND Treloar Trust University of Bristol Alumni Festival 975,000 Total grants and donations made to institutions during 2020 amounted lo £LfiE£